Bitcoin Depot, the Atlanta-based cryptocurrency ATM manufacturer, released its financial results for the third fiscal quarter of 2024. Although the company showed significant progress in its expansion, revenue was down from the previous year.
Financial results and network expansion
The company reported revenue of $135.3 million for the quarter, down 25% from $179.5 million generated during the same period in 2023, according to a Nov. 14 filing with the U.S. Securities and Exchange Commission (SEC).
Additionally, Bitcoin Depot revealed that it currently holds over $1.31 million worth of cryptocurrency.
Brandon Mintz, CEO and founder of the company, highlighted the efforts in the expansion and optimization of its ATM network:
Market position and global presence
Bitcoin Depot, which went public with a valuation of $885 million in August 2022, is currently trading on Nadaq under the ticker BTM . As of the close on November 15, its stock was valued at $1.99, giving it an approximate market capitalization of $118.2 million.
The firm operates in approximately 16,700 locations across the United States, Canada and Australia, establishing itself as one of the most important players in the cryptocurrency ATM sector.
With its continued focus on expansion and optimization, Bitcoin Depot seeks to remain a benchmark in the adoption of Bitcoin and cryptocurrencies globally.